Patch Based Wound Healing Products Market Size, Share & Trends Analysis Report By Formulation (Silver, Collagen), By Application (Chronic Wounds), And Regional Segment Forecasts, 2019 - 2026

Report Overview

The global patch based wound healing products market size was valued at USD 1.10 billion in 2018 and is expected to expand at a CAGR of 4.2% over the forecast period. Factors such as rising demand for rapid wound healing products, the incidence of chronic and acute wounds, and a rise in surgical procedures and road accident cases across the globe are expected to drive the growth.

These products facilitate rapid wound healing and are majorly used for chronic wounds such as diabetic and venous leg ulcers. In addition, they also benefit in case of hard-to-heal skin lesions and acute wounds. In cases such as excess wound exudate, where film or foam dressings are not effective enough, the patch-based wound care products efficiently serve the purpose. Such advantages are anticipated to fuel the product demand.

Moreover, the introduction of advanced dressing products, such as composite, thin hydrocolloid, transparent advanced, and transparent first-aid style dressings is also anticipated to propel the growth. For instance, in 2017, the scientists of Nanyang Technological University (NTU), Singapore, developed a new gel patch prototype enriched with ANGPTL4, which allows rapid healing with minimum scar formation on the skin. This product is effective for diabetic foot ulcers and post-operative wounds. Such innovations are expected to further drive product demand.

Increasing incidence of diabetic foot ulcers across the globe is anticipated to propel the demand for patch-based wound healing products. According to a report published by the American Diabetes Association in 2018, the annual incidence of diabetic foot ulcer was around 2.0% in most Western countries. Around half of the amputation cases registered across the globe occur among diabetic people and most commonly due to diabetic foot ulcers. In 2018, in the U.K., diabetic patients with major amputations accounted for around 40.0% of hospitalizations and 73.0% of emergency room admissions for minor amputations. High usage for the treatment of diabetic foot ulcers is anticipated to bode well for the market growth in the near future.

Rising cases of road accidents are also anticipated to boost the growth of the patch-based wound healing products market. As per the World Health Organization (WHO) in 2018, around 93.0% of global fatalities on the roads occur in middle-income and low-income countries. Furthermore, as per a report published by the Safer America Consumer Safety Information in 2018, around 34,439 car accidents were reported in the U.S. in 2016, registering a 5.8% rise from 2015. Another report from the organization suggests that around 1.3 million car accident fatalities are reported every year globally. Such instances are anticipated to drive product demand.

Rising number of surgical procedures and burn cases across the globe is also expected to propel the incidence of acute wounds. For instance, as per a report published by the Swift Medical Inc., in 2018, around 305.0 million acute, burn, and traumatic wounds are recorded every year globally, which is projected to propel the product demand.

Formulation Insights

Collagen held the largest market share in 2018 owing to the increasing demand for rapid wound healing products across the globe. Collagen has antimicrobial properties and is mostly used in cases such as diabetic foot ulcers, venous leg ulcers, and post-operative infections. Rising prevalence of diabetes is anticipated to further contribute to the segment growth. Rising number of surgical procedures has led to the a rise in Surgical Site Infection (SSI), which in turn, may drive the demand of collagen based wound care products.

Silver based wound care is anticipated to witness the fastest CAGR over the forecast period. These products have antimicrobial properties, facilitating rapid wound healing. They can be used as both primary and secondary dressings and are suitable for managing moderate, minimal, and heavy exudates. These care products are commonly used for surgical wounds, pressure ulcers, diabetic foot ulcers, venous leg ulcers, and burn wounds. Rising cases of acute wounds across the globe is one of the major driving factors for the segment. As per the CDC, in 2018, in acute care hospitals, SSIs accounted for an annual cost of nearly USD 3.2 billion.Such instances are expected to further drive the product demand in near future.

Application Insights

The chronic wound segment is anticipated to witness the fastest CAGR over the forecast period. Increasing incidence of chronic conditions, especially diabetes along with rising geriatric population is expected to propel the segment growth. As per the National Center for Biotechnology Information (NCBI), in 2017, diabetic population in U.S. was around 20.0 million and is anticipated to double by 2030. Growing target population prone to developing any type of wound is anticipated to further boost the growth.

The acute wounds segment held the largest market share in 2018. Acute wounds include burns and surgical and traumatic wounds. High incidence of trauma and burns is expected to drive the segment growth.As per the WHO, around 9.0% of global deaths occur due to trauma every year. Rising cases of SSI and is one of the major growth drivers. As per the Journal of Patient Safety & Infection Control of 2016, estimates for SSIs in India ranged from 23.0% to 38.0%, which was significantly higher than the global estimates ranging between 0.5% and 15%. This factor is projected to impel the product demand in the forthcoming years.

Regional Insights

North America is projected to continue leading the global market in terms of market share over the forecast period. Increasing prevalence of diabetes coupled with the presence of major key players in the region is anticipated to drive the growth. In addition, factors such as advancements in healthcare infrastructure and rise in surgical procedures are also expected to drive growth. For instance, as per a survey conducted by the Canadian Medical Association in 2017, the number of surgeons has been rapidly increasing in Canada. This is also expected to drive the number of surgical procedures over the forecast period.

Asia Pacific is anticipated to witness the fastest CAGR over the forecast period. Presence of developing countries such as China, India, and Japan in this region is expected to encourage investments from various key players. In addition, favorable government regulations regarding product approval is also expected to drive the regional growth. Availability of adequate resources in this region enables advancements in technology at cheaper costs, which has led to an increase in the number of manufacturing facilities.

Key Companies & Market Share Insights

Few of the prominent market players include Smith & Nephew plc; Mölnlycke Health Care; Coloplast; B. Braun Melsungen; and 3M.Key players engage in adopting strategies such as mergers and acquisitions, collaborations, and partnerships to strengthen their market position.

For instance, in April 2019, Smith & Nephew PLC acquired Osiris Therapeutics, Inc., with an aim to accelerate the development of its advanced wound care management product portfolio and to expand its customer base. Furthermore, in February 2016, Mölnlycke Healthcare acquired Sundance Solutions, a market leader in developing innovative solutions for prevention of pressure ulcers. This move was expected to extend its product range for the treatment of pressure ulcers, thus increasing its market share.

Patch Based Wound Healing Products Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2015 to 2026. For the purpose of this study, Grand View Research has segmented patch based wound healing products market report on the basis of formulation, application, and region:

• Formulation Outlook (Revenue, USD Million, 2015 - 2026)

  • Povidone-iodine

  • Silver

  • Collagen

  • Others

• Application Outlook (Revenue, USD Million, 2015 - 2026)

  • Chronic Wounds

  • Acute Wounds

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • South Africa

    • Saudi Arabia